When the time comes to make much-needed upgrades to your home or you have decided to undertake a major renovation, you should not ignore the insurance implications of your project, as there are many. The following are some issues you should address regarding your insurance.
Updating Your Coverage
When you obtain your home insurance policy, it will cover your house in its existing state. Once you upgrade or renovate, you need to ensure your policy covers the full value of the house if it has increased. In addition, if you are adding or updating a room, chances are you will also update the furnishings in that room. You should update your insurance to cover any new appliances, electronics, or furniture that you add to your home.
Looking Into Discounts
Just because you need to change your policy to cover updates does not always mean higher premiums. Some upgrades – such as a new roof or flood-proofing – can decrease the risks of damage to your home and can, therefore, reduce your premiums. This is just another reason why reporting upgrades to your insurer is so important.
Do You Need Liability Insurance?
Many people are ambitious and want to take on the renovation projects on their own with the help of friends and family. Even if you know what you are doing when it comes to construction projects, there is a risk that people can get injured while working on your home. If you believe there is going to be the risk of injury, you want to make sure you have adequate liability coverage for the project.
Choose the Right Contractors
If you hire professionals to do the job, you should always ensure that all contractors and subcontractors have the necessary and proper licenses and insurance coverage. If a contractor makes a mistake and causes damage and is not properly insured, you can find yourself facing costly repairs and deductibles. Make sure their policy is valid for the entire duration of the renovation project.
Call 203-367-7704 today for a quote.
Home insurance is always essential for your family and your finances, however, it is especially important if you are renovating or upgrading your home. There are also many additional circumstances under which it may be necessary to update your home insurance policy. At Berliner-Gelfand Insurance, our agents can review your situation and make sure you have the coverage you need. Please call today for more information!